Sector Snap: Coldwater Drags on Apparel
Friday January 19, 10:34 am ET
Apparel Companies Dip Following Disappointing 4th-Quarter Outlook From Coldwater Creek
NEW YORK (AP) -- Shares of some apparel companies dropped Friday after clothing retailer Coldwater Creek said it was cutting its fourth-quarter outlook below analyst expectations due to weak sales during the holidays.
After the market closed on Thursday, the Sandpoint, Idaho-based company said it expected 4th-quarter earnings between 16 and 17 cents per share, versus previous guidance of 26 or 27 cents per share. Analysts polled by Thomson Financial, meanwhile, had forecast 28 cents per share.
Shares of Coldwater, which sells upscale apparel through catalogs, a Web site and retail stores, fell in aftermarket trading and continued to drop sharply on Friday morning, declining $4.07, or 17.2 percent, to $19.54 on the Nasdaq Stock Market. The stock has traded between $18.69 and $31.26 during the past 52 weeks.
Across the sector, apparel companies were down.
Urban Outfitters Inc. dropped 72 cents, or 2.9 percent to $24.40 on the Nasdaq. It had traded between $13.65 and $29.15 during the past 52 weeks.
Charming Shoppes Inc., operator of Fashion Bug, Lane Bryant and other chains, fell 25 cents, or 2 percent, to $12.50 on the Nasdaq. It has traded between $9.69 and $15.57 over the past year.
Chico's FAS Inc. declined 57 cents, or 2.7 percent, to $20.73 on the New York Stock Exchange. The stock has traded between $17.26 and $49.49 during the past 12 months.
Guess Inc. declined $2.09, or 2.8 percent, to $72.76 on the NYSE. The stock has traded between $33.95 and $78.85 over the past year.
New York & Co. fell 37 cents, or 2.5 percent, to $14.74 on the NYSE, after trading between $9.41 and $19.76 over the past 52 weeks.
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